Sorin Group Announces Final Financial Results for 2013

Net financial debt as of December 31, 2013 was €68.7 million,compared
to €87.8 million as of December 31, 2012 and €91.3 million as of
September 30, 2013.

For 2014, the Company expects revenues to grow 3-5%*
over 2013 and an adjusted net profit° of €55-60 million,
equivalent to adjusted EPS of €11.5-12.5 cents.

For the first quarter of 2014, Sorin Group expects revenues to
grow approximately 0-2%* over the same period of 2013.

March 14, 2014 10:25 AM Eastern Daylight Time

MILAN--(BUSINESS WIRE)--At a meeting held today and chaired by Rosario Bifulco, the Sorin S.p.A.
Board of Directors approved the Draft of the 2013 Financial Statements,
which will be submitted to the next Shareholders’ meeting convened for
April 30, 2014.

“2013 final results are substantially in line with the preliminary
figures published on February 6, 2014. In 2013 Sorin Group (MIL:SRN)
successfully recovered from the consequences of the earthquakes and
delivered strong financial results. During the year, the Company
launched new breakthrough products, such as the new InspireTM-
HeartlinkTM- ConnectTM System and KORATM,
the only pacemaker with MRI automatic mode feature. In 2013, the Company
also announced several important deals, including the acquisition of
Brazilian manufacturer Alcard, the joint-venture with MicroPort for the
Chinese CRM market and the greenfield project to manufacture
cardiopulmonary products in China”, said André-Michel Ballester, Sorin
Group's Chief Executive Officer. “Today Sorin Group also announces the
acquisition of Oscor’s CRM leads business to enhance its lead portfolio
for MRI system development”, he added.

CONSOLIDATED RESULTS FOR 2013

In 2013, Sorin Group reported revenues of €738.5 million,
a 4.8%* increase compared to 2012.

Gross profit in 2013 was €436.8 million, or 59.1% of revenues,
compared to 60.6% of revenues in 2012. The decrease in Gross margin is
mainly due to the effect of foreign exchange rates and to a normalized
product mix after the full recovery from the earthquakes, partially
offset by ongoing manufacturing efficiencies.

Selling, general and administrative(SG&A) expenses
were €280.3 million compared to €309.6 million in 2012. At constant
foreign exchange rates, SG&A were substantially flat, notwithstanding
the €2.7 million impact of the US medical device excise tax.

Research and development (R&D) expenses were €73.7 million
(10.0% of revenues) compared to €75.4 million (10.3% of revenues) in
2012.

EBITDA was €131.1 million,or 17.8% of revenues, up 28.8%
compared to €101.8 million, or 13.9% of revenues in 2012.

EBIT was €68.6 million compared to €36.9 million in 2012. EBIT
before special items was €82.8 million in 2013 compared to €58.0 million
in 2012. Special items, negative for €14.2 million in 2013, included
restructuring charges for €7.2 million, non-recurring charges related to
the earthquakes for €3.5 million, partly balanced by a further
installment of the insurance indemnification for the earthquakes of
€3.75 million received in the second quarter of 2013. The remaining
non-recurring charges refer mainly to business development activities
and litigation costs. Compared to preliminary figures, special items
have increased by €1.5 million mainly attributable to a higher provision
for the specific risks fund.

Financial charges amounted to €10.3 million compared to €14.3
million in 2012. On a run-rate basis, the financial charges in
2013 were lower by €0.6 million compared to 2012.

Net profit was €48.9 million compared to €20.3 million in 2012.

Adjusted net profit°was €59.2 million, up
51.3% compared to €39.2 million in 2012.

Net financial debt as of December 31, 2013 was €68.7 million,
compared to €87.8 million as of December 31, 2012 (€91.3 million as of
September 30, 2013). Special items for the period were negative for
€31.4 million, including €20.5 million for business development
initiatives (see details in the attached table).

In 2013, the Company's free cash flow^ amounted
to €50.5 million.

Significant events occurring after December 31, 2013

In addition to the previously-communicated joint-venture with MicroPort
Scientific Corporation, Sorin Group acquired Oscor Inc. CRM leads
business, including a lead manufacturing facility in the Dominican
Republic for an aggregate value of approximately US$20 million and made
a further investment of US$5.1 million in Cardiosolutions, a company
focused in the development of an innovative mitral repair system. The
European Investment Bank has also approved a new medium-long term
financing for Sorin Group of €100 million.

Guidance for the current fiscal year and for the first quarter of 2014

For 2014 the Company expects revenues to grow by 3-5%*
over 2013.

Sorin Group expects an adjusted net profit° of approximately
€55-60 million, equivalent to adjusted EPS of €11.5-12.5 cents, despite
the unfavorable impact of foreign exchange for approximately €10 million
and the investments in New Ventures which will have a temporary dilutive
effect of around €6-7 million. The Company’s 2014 adjusted net profit°
guidance does not include income related to further installments of the
insurance indemnification for the earthquakes, for which the final
assessment and closing is expected in 2014.

For the first quarter of 2014, Sorin Group expects revenues to
grow 0-2%* over the same period of 2013.

* * *

Results of the parent company, Sorin S.p.A.

The Board of Directors approved the financial statements of the parent
company, Sorin S.p.A., which recorded a net profit of €28.5 million
(€70.4 million in 2012), and proposed to allocate the profit to the
legal reserve (€1.4 million), foreign exchange gains reserve (€4.0
million) and retained earnings (€23.1 million).

* * *

Call of the Shareholders' meeting

The Board of Directors has mandated the Chairman to convene Sorin S.p.A.
Shareholders’ meeting, which will take place on April 30, 2014, in
accordance with the period required by law.

* * *

The corporate officer responsible for the company’s financial
reports, Demetrio Mauro, declares, pursuant to Paragraph 2 of Article
154-bis of the Consolidated Law on Finance that the accounting
information contained in this press release corresponds to the
documented results and the accounting books and records.

* * *

In addition to the conventional indicators recommended by the IFRS,
this press release provides alternative performance indicators. These
indicators should not be considered as replacements for the conventional
indicators recommended by the IFRS, but rather as an additional source
of information, representative of the income statement, balance sheet
and financial position parameters used internally in the decision-making
process. An explanation of the meaning and structure of these
alternative performance indicators is provided in the Interim Report on
Operations at June 30, 2013.

* * *

This press release contains forward-looking statements. These
statements are based on the Group’s current expectations and projections
about future events and, by their nature, are subject to inherent risks
and uncertainties. They relate to events and depend on circumstances
that may or may not occur or exist in the future, and, as such, undue
reliance should not be placed on them. Actual results may differ
materially from those expressed in such statements as a result of a
variety of factors, including: continued volatility and further
deterioration of capital and financial markets, changes in commodity
prices, changes in general economic conditions, economic growth and
other changes in business conditions, changes in laws and regulations
(both in Italy and abroad), and many other factors, most of which are
outside of the Company’s control.

* * *

The amounts indicated in the reclassified layouts of the attached
tables are not included in the audit by the Independent Auditors. In
addition, notice that the issue of the December 31st,
2013 auditor’s report of Sorin Group Financial Statements is still in
progress.

* * *

About Sorin Group

Sorin Group (Reuters Code: SORN.MI), is a global medical device company
and a leader in the treatment of cardiovascular diseases. The Company
develops, manufactures and markets medical technologies for cardiac
surgery and for the treatment of cardiac rhythm disorders. With 3,750
employees worldwide, the Company focuses on two major therapeutic areas:
Cardiac Surgery (cardiopulmonary products for open heart surgery and
heart valve repair or replacement products) and Cardiac Rhythm
Management (pacemakers, defibrillators, cardiac resynchronization
devices). Every year, over one million patients are treated with Sorin
Group devices in more than 80 countries.For more information,
please refer to www.sorin.com